Business Risk Mitigation and Price Stabilization Act of 2013
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HR 634 — Business Risk Mitigation and Price Stabilization Act of 2013
Last action — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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Died in session
This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Business Risk Mitigation and Price Stabilization Act of 2013 - Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements because it is not a financial entity, uses swaps to hedge or mitigate commercial risk, and notifies the Commodity Futures Trading Commission (CFTC) how it meets financial obligations associated with entering into non-cleared swaps; (2) is eligible for a public interest exemption from swap clearing requirements for certain cooperative entities; or (3) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements. Amends the Securities Exchange Act of 1934, regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates. Requires that the amendments to CEA made by this Act be implemented: (1) without regard to federal information policy requirements or the notice and comment requirements of federal administrative procedure; and (2) through promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued. Limits the disregard of such federal information policy and notice and comment requirements solely to changes to rules and regulations, or proposed rule and regulations, that are limited to, and directly a consequence of, the amendments to CEA made by this Act.
Bill Text
We don't have the full text on file for this bill yet.
Read HR 634 on the official United States source →Action History
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Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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Motion to reconsider laid on the table Agreed to without objection.
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On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 411 - 12 (Roll no. 215). (text: CR H3301)
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Considered as unfinished business. (consideration: CR H3316-3317)
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At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
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DEBATE - The House proceeded with forty minutes of debate on H.R. 634.
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Considered under suspension of the rules. (consideration: CR H3301-3304)
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Mr. Hensarling moved to suspend the rules and pass the bill, as amended.
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Placed on the Union Calendar, Calendar No. 74.
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Reported by the Committee on Agriculture. H. Rept. 113-105, Part II.
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Reported by the Committee on Financial Services. H. Rept. 113-105, Part I.
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Ordered to be Reported by the Yeas and Nays: 59 - 0.
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Committee Consideration and Mark-up Session Held.
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Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
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Committee Hearings Held.
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Ordered to be Reported by Voice Vote.
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Committee Consideration and Mark-up Session Held.
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Committee Hearings Held.
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Referred to House Agriculture
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Referred to House Financial Services
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Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sponsors
- Michael Grimm · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on · 12 voted No
Sponsors (1)
- Michael Grimm Republican
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 31 | 0 | 0 | 1 |
| D | 152 | 10 | 0 | 6 |
| Democrat | 26 | 2 | 0 | 2 |
| Whig | 2 | 0 | 0 | 0 |
| R | 199 | 0 | 0 | 1 |
| Jackson | 1 | 0 | 0 | 0 |
| Federalist | 0 | 0 | 0 | 1 |
| Total | 411 | 12 | 0 | 11 |
| % of votes cast | 95% | 3% | 0% | 3% |
How each member voted (434)
Subjects
Frequently asked questions
- What does HR 634 do?
- Business Risk Mitigation and Price Stabilization Act of 2013 - Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements because it is not a financial entity, uses swaps to hedge or mitigate commercial risk, and notifies the Commodity Futures Trading Commission (CFTC) how it meets financial obligations associated with entering into non-cleared swaps; (2) is eligible for a public interest exemption from swap clearing requirements for certain cooperative entities; or (3) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements. Amends the Securities Exchange Act of 1934, regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates. Requires that the amendments to CEA made by this Act be implemented: (1) without regard to federal information policy requirements or the notice and comment requirements of federal administrative procedure; and (2) through promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued. Limits the disregard of such federal information policy and notice and comment requirements solely to changes to rules and regulations, or proposed rule and regulations, that are limited to, and directly a consequence of, the amendments to CEA made by this Act.
- Who sponsors HR 634?
- HR 634 is sponsored by Michael Grimm (Republican).
- What is the current status of HR 634?
- This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track HR 634?
- Track HR 634 free on One Click Politics — get push/email alerts when it moves.
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